Open Banking Report

By David Jacobson Treasury has released the Report of the Review into Open Banking.
Open Banking gives customers a right to direct that the information they already share with their bank be safely shared with others they trust.
The Report focusses on how Open Banking should be done: it makes recommendations on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues.
The Government is currently considering its response to the Open Banking Review and is seeking submissions on the practical implications of the recommendations.
Commencement Date
The Report recommends that a period of …read more

Source:: Bright Law

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